(MENAFN- Saudi Press Agency) U.S. stocks fell in early trading Tuesday, as the price of oil dropped and Johnson & Johnson reported lower-than-expected quarterly sales.
In U.S. economic news, the National Association of Homebuilders said that its homebuilder sentiment index fell in January to 57, down one point from the previous month. Despite the decline, the overall sales outlook remains favorable, as readings above 50 indicate more builders view sales conditions as good, rather than poor.
In international economic news, all eyes were on the European Central Bank, which is expected to announce a program of government bond purchases, or quantitative easing, on Thursday.
In corporate news, Halliburton gained after the oilfield-services supplier reported a quarterly profit that beat estimates. Delta Air Lines climbed after the carrier posted earnings above estimates. Morgan Stanley dropped after the brokerage tallied earnings below expectations. FXCM slid after the currency brokerage detailed its loan from Leucadia National.
The dollar rose against the currencies of major U.S. trading partners. Light sweet crude oil for February delivery lost $1.99 to $46.70 a barrel on the New York Mercantile Exchange, while gold futures added $15.30 to $1,292.40 an ounce.
The Dow Jones industrial average dropped 98.32, 0.56 percent, to 17,413.25. The broader Standard & Poor€„¢s 500 index fell 8.46, or 0.42 percent, to 2,010.96. The technology-heavy Nasdaq composite index declined 15.37, or 0.33 percent, to 4,618.92.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.